The paper examines the evolution of public sector debt levels and structures in 12 emerging market countries around the time of financial crises. In particular, it focuses on whether the debt situation of sovereign borrowers became more vulnerable in the aftermath of crises. The principal...

In 1996, the IMF and the World Bank introduced the Heavily Indebted Poor Countries Initiative — a comprehensive debt relief program aimed at reducing the external debt burden of eligible countries to sustainable levels, provided they carry out strong programs of macroeconomic adjustment and...

The paper examines the evolution of public sector debt levels and structures in 12 emerging market countries around the time of financial crises. In particular, it focuses on whether the debt situation of sovereign borrowers became more vulnerable in the aftermath of crises. The principal...

In 1996, the IMF and the World Bank introduced the Heavily Indebted Poor Countries Initiative—a comprehensive debt relief program aimed at reducing the external debt burden of eligible countries to sustainable levels, provided they carry out strong programs of macroeconomic adjustment and...

Intro -- Contents -- I. INTRODUCTION -- II. EVOLUTION OF SOVEREIGN DEBT LEVELS -- A. Evolution of Debt Levels in the Immediate Post-Crisis Period -- B. Evidence on Debt Reversals -- C. External Debt versus Domestic Debt -- III. CHANGES IN THE STRUCTURE OF SOVEREIGN DEBT -- A. External Public...

The paper examines the evolution of public sector debt levels and structures in 12 emerging market countries around the time of financial crises. In particular, it focuses on whether the debt situation of sovereign borrowers became more vulnerable in the aftermath of crises. The principal...

In 1996, the IMF and the World Bank introduced the Heavily Indebted Poor Countries Initiative�a comprehensive debt relief program aimed at reducing the external debt burden of eligible countries to sustainable levels, provided they carry out strong programs of macroeconomic adjustment and...